Luokung Announces Receipt of Nasdaq Notices Regarding Periodic Filing Compliance and Stockholders’ Equity Deficiency
October 25 2024 - 3:05PM
Luokung Technology Corp. (NASDAQ: LKCO) (“Luokung” or the
“Company”), a leading spatial-temporal intelligent big data
services company and provider of interactive location-based
services (“LBS”) and high-definition maps (“HD Maps”) in China,
today announced that on October 23, 2024, the Company received two
letters from the Nasdaq Stock Market LLC (“Nasdaq”).
The first letter notified the Company that,
based on the filing of its Form 20-F for the year ended December
31, 2023 (the “2023 20-F”) on October 22, 2024, the Company has
regained compliance with Nasdaq Listing Rule 5250(c)(1) regarding
periodic filing requirements. Accordingly, Nasdaq considers this
matter closed.
The second letter notified the Company that it
no longer complies with the minimum stockholders’ equity of $2.5
million for continued listing on the Nasdaq Capital Market under
Listing Rule 5550(b)(1) while stockholders’ equity for the year
ended December 31, 2023 was reported as ($63,228,280), and the
Company does not meet the alternatives of market value of listed
securities or net income from continuing operations. These
determinations are based on information reported in the 2023
20-F.
Under Nasdaq rules, the Company has 45 calendar
days, or until December 9, 2024, to submit a plan to regain
compliance. If the plan is accepted, Nasdaq can grant an extension
of up to 180 calendar days from October 23, 2024, or April 21,
2025, to evidence compliance. The Company intends to submit a plan
to regain compliance within the required timeframe. There is no
assurance that such plan would be accepted by the Nasdaq. If
the plan is not accepted by the Nasdaq, the Company will have the
opportunity to appeal that decision to a Hearings Panel.
ABOUT LUOKUNG TECHNOLOGY
CORP.
Luokung Technology Corp. is a leading
spatial-temporal intelligent big data services company, as well as
a leading provider of LBS and HD Maps for various industries in
China. Backed by its proprietary technologies and expertise in HD
Maps and multi-sourced intelligent spatial-temporal big data,
Luokung has established city-level and industry-level holographic
spatial-temporal digital twin systems and actively serves
industries including smart transportation (autonomous driving,
smart highway and vehicle-road collaboration), natural resource
asset management (carbon neutral and environmental protection
remote sensing data service), and LBS smart industry applications
(mobile Internet LBS, smart travel, smart logistics, new
infrastructure, smart cities, emergency rescue, among others). The
Company routinely provides important updates on its website:
https://www.luokung.com.
CONTACT:
The Company:Mr. Jian ZhangChief Financial
OfficerTel: +86-10-6506-5217Email: ir@luokung.com
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